September 24, 2012, 11:56 AM — Marketing has evolved tremendously over the years, largely because technology has enabled it to reach, when the situation calls for it, either a bigger audience or a more specific, targeted audience. The Internet has helped businesses reach audiences at much faster speeds and lower costs than more traditional advertising methods.
Simply having a Web presence and using the right keywords will drive search engine users to a website. Unfortunately, this has a side effect: More brands than ever are competing for consumers' attention. That makes it even harder for businesses to ensure a memorable and impactful encounter with potential customers.
To that end, today's marketing departments face many challenges. Organizations are still identifying methods to make their products more customer- and market-driven, while businesses are pressured to drive more qualified leads to their sales teams and to work with product development to ensure they're delivering the products and services clients are asking for.
Addressing these issues requires a creative strategy and a platform that makes it easier to close the gap with the competition, increase brand awareness and reach customers at the right time.
Incorporate Big Data Into Marketing Strategies
Some have identified marketing analytics as a way to resolve these challenges. A recent survey directed by Professor Christine Moorman and Sr. Professor of Business Administration T. Austin Finch with Duke University's Fuqua School of Business, found that marketing executives in the Fortune 1000 and Forbes 200 plan to increase their spending on marketing analytics in the next three years, some by as much as 60%. Many will be starting from scratch, as only 35% of respondents currently use marketing analytics.
Marketing analytics used in conjunction with big data will help many organizations properly evaluate their marketing performance, gain insight into their clients' purchasing habits, market trends and needs and make evidence-based marketing decisions. As one example, look at how politicians are using big data to identify their target audience and reach out to the so-called "silent majority."